IMF / Argentina, Tunisia, and Sri Lanka
The IMF announced today (Feb. 10, 2022) in a virtual press briefing in Washington, DC that the IMF continues working very closely with the Argentine authorities towards reaching a staff-level agreement. A press release on the matter was posted on January 28th, 2022.
“About a week ago, January 28th, IMF staff and the Argentine authorities reached an understanding on key policies as part of the ongoing discussions toward an IMF supported program. So, the discussions towards the agreement of what we would call a staff level, a staff level agreement, those discussions are ongoing. But we did announce last week, as did the Argentine authorities, that we had reached an understanding on certain key aspects. So, where we are is those discussions are continuing. IMF staff working very closely with the Argentine authorities towards reaching this again staff level agreement. We issued a press release, a statement, last week that described some of the understandings on key policies, including the fiscal path that would sustainably improve public finances and reduce monetary financing. We also referenced an understanding on durably reducing energy subsidies and on mobilizing external support to strengthen Argentina's resilience. Indeed, we referred to this as a realistic, pragmatic, credible approach to designing a program with Argentina that will strengthen the country's macroeconomic stability and begin to address deep seated challenges,” said Gerry Rice, Head of the IMF’s Communications Department.
The IMF received from the Tunisian authorities a request for a new IMF-supported program and currently Staff is holding technical discussions with the Tunisian authorities on their reform intentions and on the economic reform program which they recently shared with the IMF.
“I can confirm, Delphine, that there would be an IMF mission. February 14th to 22nd, and I can confirm the status of that mission would be virtual. And, you know, where we are on Tunisia is the Tunisian authorities in the latter part of last year sent a letter to the IMF requesting a new fund supported program. So, over the past several months, IMF staff and the Tunisian authorities have held technical discussions focusing on the immediate economic challenges, the country's priorities, and the reforms to be implemented in order to overcome the crisis in the country,” added Rice.
The IMF’s technical assistance virtual mission concluded on February 9 of 2022. The mission aimed to strengthen the Macro Fiscal Unit at the Ministry of Finance and focused on training staff at the Unit, as part of our capacity development activities for Sri Lanka.
“On Sri Lanka. What I can tell you is that we had a staff team from the IMF in Colombo toward the end of last year, finished up just before the end of the year, and that was related to the Article IV consultation. Then that we expect to be discussed by the executive board in the normal way, probably later this month, towards the end of this month. We also, you know, I can tell you, we had a mission that was aiming to strengthen technical assistance mission, aiming to strengthen the macro fiscal unit at the Ministry of Finance as part of our capacity development activities, and that was conducted virtually and is just concluding almost as we as we speak. We have not received a request for financial support from Sri Lanka, from the government of Sri Lanka. Of course, we stand ready to discuss options if requested, and we continue to closely monitor economic and policy developments.”
To watch the full event, click here.